The Ascott Limited
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| Subsidiary | |
| Industry | Hospitality |
| Founded | 1984 |
| Headquarters | Singapore |
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Number of locations
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Over 110 cities |
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Key people
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Lee Chee Koon, CEO |
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Number of employees
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8,000 |
| Website | www |
The Ascott Limited is one of the leading international serviced residence owner-operators with over 40,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East. The company also has over 27,000 units which are under development, making a total of more than 67,000 units in over 500 properties. Its portfolio spans 124 cities across 31 countries.
The Ascott Limited is a subsidiary of CapitaLand, one of Asia's largest real estate companies. The Ascott was delisted from the Singapore Exchange in 2008 after a compulsory acquisition. Some of the reasons cited were; "Accelerated growth in key areas by tapping on CapitaLand's more established real estate development and financial services capability" and "Greater cost savings through sharing of services and resources".
From 1984 to 2000, merger and acquisition activities involving real estate and hospitality players in Singapore (Scotts Holdings, Pidemco Land, Somerset International, Liang Court Holdings, Stamford Group, DBS Land and Citadines an established hospitality brand in Europe) led to the establishment of The Ascott Limited. In 2006, the company established the world's first pan-Asian serviced residence real estate investment trust, the Ascott Residence Trust (Ascott REIT). In 2014, Ascott celebrated 30 years in the serviced residence business.
The Scotts Holdings, a well-known Singapore corporation with business interests in serviced apartments, shopping centres and property investments, opened Asia Pacific's first international-class serviced residence, The Ascott Singapore on 14 August 1984. Scotts Holdings was listed in 1991. In 1998, Pidemco Land- set up Somerset International, its new serviced residence arm. It acquired Liang Court Holdings, one of Asia's largest serviced residence operators, to form Somerset Holdings. Together, these two companies had a combined portfolio of 3,200 serviced residence units in 15 cities. Scotts Holdings merged with Stamford Group, the serviced residence arm of DBS Land to form The Ascott Limited, creating a joint portfolio of more than 1,700 units in eight cities. Citadines merged with Orion, while Whitehall and Westmont later sold its tourist-oriented Orion serviced residences to focus on its business clientele.
In 2001, The Ascott Limited was listed following the merger of Somerset Holdings and The Ascott Limited in 2000. In the following year, Ascott acquired a 50 percent stake in Citadines, which made it the largest international serviced residence operator outside of the US. In 2004, it acquired the remaining 50 percent interest in Citadines. The company now owns five brands: Ascott, Somerset, Citadines, The Crest Collection and lyf.
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